Delinquent payroll taxes can be one of the most serious tax related issues out there, leading to serious federal charges along with IRS penalties. It’s much more serious than income tax, and employment taxes are always given a higher priority by the IRS and their collections/enforcement departments. As a result, getting expert help quickly and taking care of any payroll related tax debt is a must. Failure to do so could lead to dire consequences for yourself and for your company.
Every business owner with employees knows what a nightmare payroll taxes can be. If your business owes back payroll taxes you should seek help immediately! Let our income tax attorneys guide you to resolution.
We know the “ins-and-outs” about payroll taxes, and we can help to resolve your IRS payroll tax matters.
All employers are required to withhold and match certain taxes from their employee’s paychecks or wages and are required to send them to the Internal Revenue Service as “Federal Payroll Tax Deposits.” These payroll taxes include the Social Security, Medicare, and Federal Income taxes.
Employers are also required to file certain payroll tax forms with the IRS, namely a Form 941, Employer’s Quarterly Federal Tax Return and a Form 940, the Employer’s Annual Federal Unemployment or FUTA Tax Return. There are similar State Department of Revenue deposits and quarterly filings that are required as well.
If an employer fails to do any of the above — that is, fail to pay its federal payroll taxes and withholdings or to timely file the required Form 941 and 940, they are exposing themself to serious IRS tax issues.
In some cases, the IRS will even try to collect the tax from the employer personally. The IRS will can also conduct investigations and audits to determine if there are other “responsible parties” from whom to collect the tax — personally!!
The IRS is not shy about “shutting-down” a business that continues to have payroll tax issues.
Whether you’re “in business” or “out of business” we can help!! We have successfully guided employers and business owners through the payroll tax maze, and helped them deal with their unpaid payroll taxes – whether for the open business or personal assessments against individuals!